An Italian wealth management hub ready to challenge Europe’s biggest players
An unprecedented hub in Italian finance
According to the Unimpresa Research Center, a potential joint venture between Intesa Sanpaolo and Generaliwould create a powerhouse managing over €1.5 trillion in assets under management and administration. This would radically reshape the financial balance not only in Italy but across Europe.
Intesa currently manages around €909 billion in administered savings, plus €397 billion through Eurizon, while Generali controls about €645 billion thanks to its dual insurance and financial profile.
Complementary strengths as industrial logic
The rationale behind the operation lies in the complementarity between Intesa’s extensive distribution network and Generali’s asset management expertise.
Potential synergies include:
- co-branded product creation,
- greater digitalization of services,
- international market penetration,
- diversification of revenues.
Competing with Europe’s giants
With over €1.55 trillion, an Intesa–Generali alliance would rank just behind Amundi (€2.1 trillion) and Allianz Global Investors (€1.7 trillion), while overtaking Deutsche Bank AM and UBS AM (roughly €1–1.2 trillion). It would significantly boost Italy’s financial sovereignty.
Profitability and strategic benefits
The wealth management business ensures more stable revenues compared to net interest margins:
- In 2024, Intesa earned more than €2.3 billion in fees, about 25% of total commissions;
- Generali posted nearly €600 million in operating profit, with growing margins thanks to ESG diversification.
A €1.5 trillion hub would cut unit management costs, generate recurring revenues, and support investments of €200–300 million annually in innovation and sustainability.
Challenges and risks
However, risks remain:
- Overlap between Eurizon (€397 billion) and Generali Investments (€630 billion);
- Complex governance structures;
- Oversight from Italian and EU authorities, with possible use of golden power and antitrust reviews.
Unimpresa’s perspective
Unimpresa president Paolo Longobardi commented:
“A €1.5 trillion hub is not just about industrial synergies, but about safeguarding Italian savings. It must remain transparent, well-regulated, and always in the service of families and businesses.”
Political and economic implications
A fully Italian hub would strengthen national control over savings, increase competitiveness in Europe, and provide stronger guarantees for households and enterprises.